NEW YORK CITY—Brookfield Office Properties has landed a bigfish.

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Time Inc. has agreed to relocate its headquarters to BrookfieldPlace, in Lower Manhattan, late next year. The media giantsigned a long-term lease to occupy six floors and 700,000 squarefeet of office space at 225 Liberty St. The company's headquartershave been at the Time & Life Building at 1271 Ave. of theAmericas, at 50th street, since 1959.

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In an internal memo distributed at Time—written by Joe Ripp,chairman and CEO—that was obtained by GlobeSt.com, it is clear thenew location is viewed as convenient and efficient.

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“We spent several months evaluating possible sites in Manhattanand New Jersey; our goal was to promote a sense of community in acost-efficient home that will provide lifestyle and culturalamenities plus easy transportation access for our employees. Weplan to create an open, modern workspace that will fostercollaboration and ignite creativity across the company. The commuteto 225 Liberty will be aided by two new state of the art transithubs linking subway service from four boroughs and the PATH train,along with a ferry terminal serving New Jersey andWestchester.”

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Ultimately, he continues, “the Lower Manhattan location,Brookfield Office Properties' plans for Brookfield Place and theincentive package we received from Governor Andrew Cuomo and EmpireState Development drove our decision to stay in New York City.”

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The company also will realize cost-savings from custom designingthe space, he adds. Notes Empire State Development president, CEOand commissioner Kenneth Adams, “Time Inc.'s decision to remain inNew York City and locate in Lower Manhattan is the latest sign ofthe economic revitalization and resurgence that we have helpedcreate Downtown. “There is no better place for a premier mediacompany to do business than in New York City—the media and creativecapital of the world—and we are proud of our efforts to keep TimeInc. right where they belong, in the Empire State.”

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As part of a $250 million renovation, Brookfield Place istransforming its waterfront retail and public space into aworld-class shopping and dining experience with a Europeanmarketplace, chef-driven restaurants, lifestyle amenities and avariety of outdoor events. Time Inc. will join new corporatetenants including the Institute of Culinary Education and theglobal law firm Jones Day among others.

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“Time Inc. joins the growing list of highly regarded media,publishing and creative companies relocating downtown to reap thebenefits of operating in the area,” asserts Dennis Friedrich, CEO,Brookfield Office Properties. “The neighborhood's alluring mix ofrestaurants, retail, culture and transportation access is a drivingfactor for this downtown migration and the waterfront setting ofBrookfield Place is unrivaled in New York City.”

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Time Inc. was represented in lease negotiations by Mitch Steir,Michael Colacino, Matthew Barlow and Howard Nottingham of Studley.Brookfield was represented in-house by Jerry Larkin, David Cheikinand Alex Liscio, as well as Loeb & Loeb attorneys RaymondSanseverino, parnter and associate Joseph DeVesta. Brookfield didnot respond to a request for comment. Studley declined tocomment.

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Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.